Oil Monitor as of 29 November 2017

WORLD OIL PRICES (November 20-24, 2017 trading days)  

Dubai crude increased week-on-week by about US$0.43/bbl.  Similarly, week-on-week average MOPS gasoline and diesel increased US$0.37 and US$1.25 per barrel.       

Reasons for the Adjustment

  • Gasoline fundamentals were largely unchanged; stable from last week as demand and supply were balanced.  Demand in the Middle East and Southeast Asia particularly in Indonesia and Vietnam continued to support the market. 

  • Gasoline sentiment was leaning towards a near-term weakness in prices as expected increase of supplies in the region may not be matched by high demand.

  • Fresh requirements for the middle distillate emerged, providing some support to the gasoil market. 

  • The clamor to extend OPEC and non-OPEC production cuts for nine months beyond March 2018 is growing louder; .

  • In its 30 November meeting, OPEC's largest producer Saudi Arabia, along with some Gulf allies, has been pushing for a nine-month extension of the cuts through end-2018. Russia has so far been noncommittal on continuing the cuts for the full year;

  • U.S. crude price hit a two-year high behind reports of a shutdown on TransCanada Corp's 590,000-barrel-per-day Keystone pipeline following a spill last week;

  • A draw on US fuel inventories pointed to a tightening oil market, despite rising output from oil shale producers. 

FOREX: Philippine peso appreciated against the US dollar by P0.31 to 50.73, from P50.04 in preceding week. . 

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DOMESTIC OIL PRICES      

Effective 28 November 2017, oil companies implemented a P0.35/liter increase in diesel and P0.25 in kerosene.

Year-to-date total adjustment in gasoline remained at net increase of P5.84/liter, diesel at P5.95/liter and kerosene at P4.35/liter for kerosene.

As monitored, shown below are the retail prices in Metro Manila beginning November 28, 2017.

Products Price Range Common Price
P/liter
Diesel 32.02-37.10 35.05
Gasoline* 43.00-52.86 47.80
LPG, P/11-kg cylinders 550.00-777.00  
* RON 95

 

For more information, call the

Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS: (0915) 4469421
Email: oilmonitor@doe.gov.ph
Website: https://www.doe.gov.ph